SUSEP Circular Letter No. 7/2024: A Boost for Open Insurance and the Protection of Policyholders

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m Boosting Open Insurance and Policyholder Protection

The insurance market in Brazil is undergoing a profound transformation with the implementation of Open Insurance , which places the customer at the center of the experience. To achieve this, insurers, brokers and digital platforms need to adapt to rigorous efficiency standards, while brazil mobile database gain more control over their data. SUSEP Circular Letter No. 7/2024 allows this transition to happen in an integrated and transparent manner, increasing trust in the system and competitiveness in the sector.


The main contribution of the Circular Letter is to seek to ensure the effectiveness and security of data sharing. The consent process, mandatory for all participating companies, ensures that policyholders have control over how their information is used, with complete transparency. This strengthens consumer confidence, which allows consumers to play a more active role in managing their information. In the current digital scenario, this protection is essential to mitigate risks and preserve the reputation of the companies involved.


In addition, the Circular Letter seeks to significantly improve the user experience by requiring insurers and SPOCs to provide more intuitive APIs and interfaces. This simplification of the insurance contracting, renewal and management process facilitates access to products in a more agile and efficient manner, meeting the growing demand for fast and frictionless solutions.


Another difference brought by the circular letter is performance monitoring. The requirement of a minimum success rate of 80% in consent journeys creates a clear quality standard that should improve as the ecosystem advances. This not only benefits policyholders with more reliable products and services, but also differentiates companies that have invested in technology and compliance. It is essential that these companies, which have fulfilled their role in adapting to the new standards, are not harmed by those that have not yet adapted to the new model.


Finally, regulatory compliance is consolidated as an essential pillar for the success of Open Insurance. Close supervision by SUSEP and the possibility of applying sanctions to companies that do not meet the established standards create an environment of greater stability and trust, favoring both consumers and companies that are committed to good practices.


I believe that SUSEP Circular Letter No. 7/2024 represents an important step forward for Open Insurance in Brazil. By ensuring safety, efficiency and innovation, the standard directly benefits consumers and encourages healthy competition between companies. It is a regulatory initiative that promotes Open Insurance as a reality focused on transparency and a superior customer experience.